Berkadia’s $76.8M Skilled Nursing Portfolio Deal; Wingate Hands Off Three to Vero

Berkadia announced its involvement in a $76.8 million portfolio deal that saw a nursing facility operator take ownership of nine buildings it had leased since 2004.

The New York City-based lender’s Seniors Housing & Healthcare Group extended the financing for an affiliate of an unnamed Tennessee-based owner-operator of skilled nursing facilities. The nine properties — spread across Maryland, Michigan, Tennessee, and Virginia — encompass 1,167 beds with combined occupancy of 85.8%.

The transaction was split between a $52.2 million bridge loan in anticipation of eventual Department of Housing and Urban Development-backed funding, with a $24.6 million “mini-perm loan” funded through a bank partner of Berkadia. The bridge-to-HUD loan featured 18-month, interest-only terms, while the mini-perm loan will last five years.

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Managing director Jay Healy and senior director Ed Williams led the transaction for Berkadia.

“Our sponsor has created a tremendous amount of value through the operations of these facilities, and I’m pleased that we were able to help them capitalize on the opportunity to acquire the real estate,” Healy said in a statement announcing the transaction.

CCRC Breaks Ground on New SNF

Shell Point Retirement Community, a continuing care retirement community (CCRC) in Fort Myers, Fla., broke ground late last week on a nearly 200,000-square-foot skilled nursing facility for its campus.

Known as the Waterside Health Center, the new SNF will feature 180 beds in private rooms, along with several high-end touches such as a day spa and butterfly garden.

“The new Waterside Health Center will increase our ability to offer unique, state-of-the-art health care services in a more comfortable and convenient setting so that Shell Point’s medical team can provide personalized care to an even greater number of Shell Point residents and the surrounding community,” Shell Point president Martin Schappell said in a statement.

The Weitz Company, a Des Moines, Iowa-based general contractor, serves as the construction manager for the project, with RDG Planning & Design as the architect; the two companies have worked together since 1972.

Construction is set to wrap up in the fall of 2021.

Three Facilities Change Hands for $19.6M

Affiliates of Greystone acquired a trio of skilled nursing facilities in Massachusetts for $19.6 million earlier this month, according to a Monday report from MassLive.com.

Formerly managed by Wingate, control of the buildings has shifted to the Maryland-based Vero Health & Rehab, according to the report.

“Our senior management team has been operating and managing nursing facilities for more than three decades,” Vero CFO Jim Offutt told the publication. “We are excited to welcome these three facilities, their residents and staff to the Vero family.”

Eight more transfers of Wingate properties could soon be coming, with COO Jill Bosa telling MassLive that the company has a “strategic plan to reposition the company as we prepare for the future.”

The newly renamed facilities are Vero Health & Rehab at Hampden, Vero Health & Rehab of South Hadley, and Vero Health & Rehab of Wilbraham.

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